V is for Victory

This week has certainly been volatile. The up and down action again returned today with the pound and yen forming V patterns. But, that can be good also. You can catch the currency going down and then going back up again, scoring twice over the same ground.

I didn't trade quite nearly as much as I did yesterday, but managed to close several open trades from before. Also, I had a networking lunch today that I had to break away from trading early. The lunch went very well where nearly everyone that attended was interested in getting involved in the fund! The more, the merrier!

Also, I added one new client today.

I did 12 trades today, with 8 winners and 1 loss, with a total of 8 trades still open. The net pips is +136.9 pips, or 5.63% gain for the day. The loss even was an oops, I closed the wrong trade!

Here are the daily stats for Wednesday, August 19, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6555	1.6592	1.6374	1.6526	218
EUR/USD	1.4134	1.4265	1.4083	1.4222	182
USD/CHF	1.0754	1.0780	1.0622	1.0659	158
USD/JPY	94.67	94.95	93.66	94.06	129
GBP/JPY	156.72	157.49	153.61	155.44	388

What this means:
All this up and down action simply means that the market is trying to find a direction. What is a little unusual is the size of the moves up and down over the last couple days. The Euro gained about twice the ground against the US dollar as normal, so that may be the indicator for tomorrow.

Again, if you need any help understanding forex or any terms, go to www.babypips.com. The lessons and encyclopedia are great learning tools. Another good website is www.chartpatterns.com.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com